Stocks in London are set for a muted start to Monday’s session, easing off last week’s advance, after a mixed session in Asia overnight.
After a strong advance on Thursday, hitting a new post-virus high, the FTSE was tantalisingly close to the 7,403.92 mark, where it stood on February 21, 2020, just before Covid-19 worries started to batter stock prices.
The upcoming week for the US will be dominated by retail earnings and key manufacturing and housing data. President Biden will also host leaders from Canada and Mexico in the back half of the week as he looks to strengthen alliances and tackle global issues.
President Joe Biden will also meet virtually with Chinese President Xi Jinping on Monday. Tensions between the two countries have been building over issues including Taiwan and restrictions on sales of U.S. technology to China.
In commodities, oil fell as traders wait to see what Biden might do to alleviate gasoline prices amid growing criticism about the impact of rising costs. Aluminium and base metals retreated, in part on China’s property slowdown.
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